April 2018 Austin Foreclosure Market Report

Austin Bank Owned Properties Sold Down 75%

In April 2018 there was a 75% decrease in the number of bank owned homes that sold in year over year figures. In April 2017, there were 8 bank owned homes that sold (closed escrow) compared to 2 in April 2018. Bank owned homes (foreclosures) accounted for 0.2% of the total home sales in Austin in April 2018 and 0.6% in April 2017. The overall market was up 5% in the number of homes sold compared to last year’s numbers.

Austin Bank Owned Homes Under Contract Down 50%

In April 2018 there were 3 bank owned homes that accepted a contract (pending) compared to 6 bank owned homes in April 2017. Bank owned homes accounted for 0.2% of the homes that went under contract in April 2018 compared to 0.4% of homes that went under contract in April 2017, showing just how small a percentage the distressed market takes in Austin. The full market saw a 15% increase in the number of homes that went pending compared to last year at this time.

Austin Bank Owned Listed for Sale Down 40%

In April 2018, there were 3 foreclosures (homes owned by the bank) listed for sale vs. 5 in April 2017 resulting in a 40% decrease in year-over-year numbers. Bank owned homes listed for sale made up of 0.1% of the full market in April 2018 and 0.2% in April 2017. The full market had a 3% increase this month.

36% Decrease in Austin Bank Owned Homes Currently for Sale

The number of bank owned homes in Austin currently on the market saw a 36% decrease in year over year numbers. The number of bank owned homes for sale made up just 0.2% of the market in April 2018 and 0.3% in April 2017. The full market saw a 3% decrease in the number of homes for sale this time last year.

67% Decrease in Bank Owned Homes That Didn’t Sell

In April 2018 banks took 1 home off the market compared to 3 homes in April 2017. Bank owned homes made up 0.3% of expired properties in April 2018 and 1.2% in April 2017. The full market saw an increase of 13%.

What Do Austin Foreclosure Numbers Mean for Buyers?

We can’t seem to say this enough, if you are pursuing foreclosures in Austin as part of your home buying strategy, make it just that – part of your strategy. With so few bank owned homes on the market in Austin, you should open up your search to both homes owned by the bank and homes owned by traditional sellers. Remember, the traditional seller has to compete with bank owned properties if they want to get their homes sold.

Looking to Buy a Foreclosure in Austin?

With a combined 60+ years of experience, our team knows how to get banks to accept your offers, even in a competitive market like we’re seeing here in Austin. We’ve helped several people buy foreclosures and also purchased them for our own properties. For more, check out Guide to Buying Foreclosures in Austin and our Buying a Home in Austin Guide. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation conversation. Together we can come up with the best strategy for you to buy a bank owned home in 2018.

How Much Did Foreclosures Sell For?

How much did foreclosures sell for in the zip code you’re targeting? Our Market Snapshot Tool will reveal actual sold prices, time to sell and market trends. Simply put in the zip code you’re targeting and the report will be emailed to you immediately.

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About Rebecca Stoklosa

Rebecca has founded her success in real estate on a commitment to personalized service. Clients appreciate her dedication to not only the success of their transaction, but their very peace of mind. She is particularly adept at creating bridges to make home buying and relocation as seamless as possible.

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Raymond Stoklosa – Broker/Owner, CRS, ABR

Raymond Stoklosa is the Chairman and Managing Broker of Eleven Oaks Realty. Raymond has been a respected authority in residential real estate since 1978. Having sold more than $150 million worth of real estate... Read More…

Rebecca Stoklosa – CRS, ABR, SFR

Rebecca Stoklosa is the Chief Operating Officer of Eleven Oaks Realty. She specializes in relocating buyers and home sales in South & Central Austin. Rebecca brings a passion for customer-service to the leadership team. Read More…

Cassandra Stoklosa – MBA

Cassandra joined Eleven Oaks Realty following a successful career managing digital campaigns at several household brands including Walmart, L’Oreal, and Golfsmith. She has also worked in real estate marketing in three of the hottest markets in the U.S. – New York City, San Francisco and Austin. Read More…